The banking industry of South Africa is overseen by the South African Reserve Bank. The industry is dominated by four players: Standard Bank, First Rand, ABSA and Nedbank.
Here is a brief introduction to these four banks, which are the richest banks in South Africa, by assets.
4) Nedbank (R749.594 billion)
Headquartered in Johannesburg, the Nedbank has assets of approximately R749.549 billion. Its market capitalization is over R835.2 billion. The bank’s loans and advances to customers is R579.372 billion. Old Mutual owns around 52 percent of Nedbank, which offers the complete range of banking solutions to individuals, small businesses and large corporations. It is one of the newest banks to be incorporated in South Africa.
3) Barclays Africa Group (R841.33 billion)
The Barclay’s Africa Group Limited (ABSA Group) offers personal and business banking, credit cards, corporate and investment banking, wealth and investment management, and Bancassurance. It has assets of over R841.33 billion.
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